Transaction Expands National Footprint by 44 Locations
Irving, TX (RestaurantNews.com) Cheddar’s Scratch Kitchen, a full-service restaurant based in Irving, Texas, has completed its acquisition of 44 restaurant locations from Kentucky-based Greer Companies, the company’s largest franchisee. The purchase increases Cheddar’s Scratch Kitchen’s corporately-owned restaurants to 139 out of the 164 locations nationwide, adding locations in Kentucky, Ohio, Indiana, Tennessee, Virginia, West Virginia and North Carolina. Cheddar’s Scratch Kitchen is a portfolio company of L Catterton and Oak investment Partners.
“Greer Companies have always been an important part of Cheddar’s Scratch Kitchen, so our decision to officially bring them into our corporate family was a natural next step,” said Ian Baines, President and CEO of Cheddar’s Scratch Kitchen. “We look forward to continuing to provide the great hospitality that the Greer Companies offered for so long.”
Greer Companies, a family-owned, hospitality and real estate development company, has been a franchise owner of Cheddar’s Casual Café for over 20 years across seven different states. Both Greer Companies and Cheddar’s Scratch Kitchen believe in serving-up quality food and hospitality at a great value. These shared principles made Greer Companies and Cheddar’s Scratch Kitchen exceptional restaurant partners and helped grow the brand.
“We’re pleased to know that Cheddar’s Scratch Kitchen will continue the Greer Companies’ legacy of doing right by people for years to come,” said Phil Greer, CEO of Greer Companies. “We’re looking forward to watching the brand continue to shine and know that our team members and our Guests will continue to experience exceptional service, which brings us great pride.”
The acquisition comes as the brand continues its growth, opening both corporate and franchise locations in 2016, expanding its footprint to 164 restaurants nationwide. All 44 acquired restaurant locations will continue to operate under the Cheddar’s Casual Café nameplate.
For more information on Cheddar’s Scratch Kitchen, including details on joining the Cheddar’s Scratch Kitchen team, purchasing gift cards for special occasions, or signing up for the eClub to receive exclusive information and promotions, visit www.cheddars.com.
About Cheddar’s Scratch Kitchen
Irving, TX-based Cheddar’s Scratch Kitchen was founded in 1979 by Aubrey Good and Doug Rogers, who believed that when a meal is prepared from scratch just for the guest, it not only tastes better, but it makes the guest feel good. Every Cheddar’s Scratch Kitchen delivers scratch goodness and experiences generously done the right way, not the easy way. With a recipe for success, the brand has grown to 164 company-owned and franchise locations in 29 states. In 2016, Technomic Consumer Choice Awards ranked Cheddar’s No. 1 full-service restaurant chain for guest’s intent to return. Additionally, the Editorial and Advisory Council at FARE honored Cheddar’s Scratch Kitchen as a 2016 Leader in Foodservice. For more information, visit Cheddars.com.
Here’s a link to Wiki: https://en.wikipedia.org/wiki/Cheddar%27s_Casual_Caf%C3%A9
About Greer Companies
Greer Companies is a commercial real estate development and hospitality company headquartered in Lexington, KY, employing over 6,000 people in eight states. The company is a franchisee of hospitality chains including Marriott and Hilton hotels, and was formerly the franchisee of Cheddar’s Casual Café. Greer Companies also owns and operates independent restaurant concepts and is a partner in the national escape room industry leader: Breakout Games.
About L Catterton
L Catterton, formed in 2016 through the partnership of Catterton, LVMH and Groupe Arnault, is the largest consumer-focused private equity firm in the world, operating multiple funds out of seventeen offices across five continents. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. L Catterton invests in all major consumer segments, including: Food and Beverage, Retail and Restaurants, Beauty and Wellness, Fashion and Accessories, Consumer Products and Services, Consumer Health, and Media and Marketing Services, as well as real estate projects anchored by luxury retail. More information about L Catterton can be found at www.lcatterton.com.
About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm and a lead investor in the next generation of enduring growth companies. Since 1978, the firm has invested $9 billion in over 500 companies around the world, earning the trust of entrepreneurs with a senior team that delivers steady guidance, deep domain expertise and a consistent investment philosophy. The firm’s five major growth sectors of focus are information technology, internet and consumer, financial services technology, healthcare services and clean energy. For more information, visit www.oakvc.com.